Saturday, February 26, 2011

How many tenants for student housing?

People in the City of Orillia who rent to students or anyone, need to know the new rules to protect both the landlord and the tenant.   

For a very easy to understand explanation on whether you require approval for having tenants within a home listen to the audio I recorded at a meeting held February 24th, 2011 where Terry Duff (City of Orillia Fire Prevention Officer) and Jill Lewis (Senior Planner, City of Orillia) explained the new rules for the City of Orillia.

You should always consult with the City of Orillia if you are considering any rental situation just to protect yourself, but if you have more than 4 people paying rent even if the rent is in services rather than dollars it's a must. 

The new rule is basically the owner and four other paying customers can live in the home without any changes required, however once the number of paying customers increases to five the new bylaw comes into effect.

For more information contact the City of Orillia

Thursday, February 10, 2011

New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance

On January 17, the Government of Canada announced new mortgage insurance parameters regarding the application of the government guarantee. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information.

Consistent with the parameters, CMHC will:
Effective March 18, 2011

•Limit the maximum amortization period to 30 years for a mortgage loan with a loan-to-value (LTV) ratio above 80%. (The maximum amortization period will continue to be limited to 25 years for chattel loans insured under CLIP and for on-reserve loans secured by a Ministerial Loan Guarantee.)

•Limit the loan to value ratio to 85% for the refinance of an owner-occupied residential property with 1 to 4 units.
Effective April 18, 2011

•Mortgage Insurance for non-amortizing housing loans (lines of credit) will no longer be available. (CMHC Mortgage Insurance will continue to be available for amortizing housing loans with loan to value ratios of up to 80, with single or multiple components, secured by a collateral mortgage).

CMHC supports the Government of Canada’s on-going efforts to maintain a strong Canadian housing market and encourage Canadians to save through homeownership. Consistent with the parameters, CMHC will no longer offer insurance for mortgages falling outside the scope of the new parameters after the effective date. Similarly, only mortgage loans that fit within the scope of the new parameters will be eligible for CMHC securitization programs.

Saturday, February 5, 2011

Home Inventory

One of the most neglected tasks by homeowners is the upkeep of a personal inventory for insurance purposes. Those who do keep a list of possessions will often keep the list in a place where it's just as vulnerable to fire, theft, or other loss. is an online service which allows members to keep a secure inventory of personal assets. Backed by the same security protocols used by online banks, All My Things allows members to easily keep a searchable inventory online. Insurance companies require that claims are substantiated by purchase price, age of items, status of warranty, and condition at time of loss, and All My Things helps members keep that information just a few clicks away.

Basic membership is free. A full service membership costs $29.95/year and allows users to attach files and use some of the reporting features on the site.

If you're looking for an easy, free way to track your valuables, this is the site for you.  You won't realize how valuable this information can be until you need it.